Running without Moving? Corporate Disclosure and Annual Price Discovery in Bad versus Good Times Free

We gratefully acknowledge helpful comments from Cristi A. Gleason (editor), two anonymous reviewers, Anwer Ahmed, Mark Bradshaw, Amoray Cragun, Kevin Crotty, Ron Dye, Kurt Gee, Dan Givoly, Apoorv Gogar (discussant), Jeff Hu, Lenny Kostovetsky, Henock Louis, Hai Lu, Xiumin Martin, Brian Mittendorf, Lin Peng, Bhavya Singhvi (discussant), Zhifeng Yang, Yong Yu (discussant), and workshop participants at American University, George Mason University, The George Washington University, New York University, The Pennsylvania State University, The Ohio State University, Stony Brook University, SUNY, Virginia Tech, The University of Melbourne, the University of Houston, the University of Technology Sydney Ph.D. workshop, the 2019 Indian School of Business Accounting Conference, and the 2023 The Chinese University of Hong Kong Accounting Research Conference. We acknowledge the research support provided by Richard Swartz. Financial support is provided by the Zicklin School of Business at Baruch College–CUNY, the Jones Graduate School of Business at Rice University, and the Simon Business School at the University of Rochester.

Edward Xuejun Li, Baruch College–CUNY, Zicklin School of Business, Stan Ross Department of Accountancy, New York, NY, USA; K. Ramesh, Rice University, Jones Graduate School of Business, Houston, TX, USA; Min Shen, George Mason University, Costello College of Business, Fairfax, VA, USA; Joanna Shuang Wu, University of Rochester, Simon Business School, Rochester, NY, USA.

Editor’s note: Accepted by Cristi A. Gleason, under the Senior Editorship of Kathryn Kadous.